Tether has once again demonstrated that USDT has a characteristic very different from decentralized crypto assets such as Bitcoin: the issuer has the ability to prevent tokens from moving when an addrTether has once again demonstrated that USDT has a characteristic very different from decentralized crypto assets such as Bitcoin: the issuer has the ability to prevent tokens from moving when an addr

Tether Freezes $39.27 Million USDT: Are Stablecoins Becoming a Tool for Fighting Financial Crime?

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作者：Nguyen Rin Hoang

2026/09/11 13:11

Tether has once again demonstrated that USDT has a characteristic very different from decentralized crypto assets such as Bitcoin: the issuer has the ability to prevent tokens from moving when an address is blacklisted.

On September 8, 2026, blockchain analytics platform MistTrack detected approximately 39.27 million USDT across 10 TRON addresses that had been frozen. The total balance at the time of detection was 39,273,713 USDT, with the largest wallet holding approximately 10.78 million USDT.

According to MistTrack’s attribution, these addresses are linked to Xinbi Guarantee, a large escrow marketplace that previously operated on Telegram and has been connected by blockchain analytics firms to networks serving scam operators in Southeast Asia.

Research by Elliptic previously identified addresses linked to Xinbi and its merchants as having received at least $8.4 billion in USDT since 2022. Merchants on the platform were found offering services such as money laundering, stolen personal data, fake identification documents, and infrastructure supporting online fraud campaigns.

What makes this event notable is that it is not simply another $39 million freeze.

It reveals an increasingly clear enforcement structure emerging around stablecoins:

Blockchain analytics

→ identify transaction flows

→ wallet attribution

→ law enforcement / issuer cooperation

→ stablecoin freeze.

Tether told Reuters in February 2026 that the total amount of assets linked to illicit activity that it had frozen had reached approximately $4.2 billion, including $3.5 billion frozen since 2023. By April, Tether said the cumulative figure had exceeded $4.4 billion across more than 2,300 cases supported globally.

This raises a broader question:

Are stablecoins becoming a form of digital money that combines the speed of blockchain with the control mechanisms of the traditional financial system?

Key Takeaways

MistTrack detected 39,273,713 USDT frozen across 10 TRON addresses on September 8, 2026.

The largest wallet held approximately 10.78 million USDT.

MistTrack linked the addresses to Xinbi Guarantee; Tether has not publicly disclosed the specific reason for this freeze.

Elliptic previously identified Xinbi and its merchants as having received at least $8.4 billion in USDT since 2022.

Telegram previously shut down thousands of channels associated with Xinbi and Huione in May 2025.

According to Elliptic, the two marketplaces had processed more than $35 billion in stablecoin transactions.

Tether can blacklist USDT at the token-contract level, preventing the assets from being transferred further.

This centralized control is both a compliance advantage and one of the biggest trade-offs of centralized stablecoins.

Xinbi Guarantee Shows That Crypto Scams Have Become an Industry

To understand the significance of this freeze, Xinbi should not be viewed as an isolated scam wallet, but as part of infrastructure serving an organized criminal ecosystem.

According to Elliptic, Xinbi Guarantee was a Chinese-language marketplace operating primarily through Telegram and serving scam groups in Southeast Asia.

The marketplace did not necessarily carry out every scam itself.

Instead, it functioned more like a marketplace for the tools required to operate scam operations.

Merchants were found offering:

money laundering

personal data

fake identification documents

technology infrastructure

services supporting online fraud.

Elliptic identified thousands of crypto addresses linked to Xinbi and its merchants, which had received at least $8.4 billion in USDT from 2022 through the time of its May 2025 report. Elliptic considered this only a minimum estimate because not every relevant address could be identified.

Notably, Xinbi was not the only case.

Elliptic had previously investigated Huione Guarantee, a marketplace with a similar structure.

By May 2025:

Huione Guarantee → more than $27 billion

Xinbi Guarantee → more than $8.4 billion

Combined:

> $35 billion in stablecoin transactions.

Telegram later removed channels and banned usernames associated with both marketplaces.

But the broader problem did not disappear simply because one platform was shut down.

Elliptic subsequently continued tracking dozens of other marketplaces operating under similar models.

This reflects a major change in cybercrime.

Scam groups no longer necessarily need to build everything themselves.

They can purchase:

Data

Infrastructure

Money laundering

Payment services

Technical tools

from specialized marketplaces.

In other words:

Scams have been “industrialized.”

Crypto, particularly stablecoins, has become settlement infrastructure for part of this ecosystem because assets can move quickly, across borders, and 24/7.

But the on-chain nature of these transactions also creates a weakness.

Transactions do not disappear.

Once investigators identify:

Wallet A → Wallet B → Marketplace → Merchant

the entire flow can continue to be analyzed.

This is why blockchain analytics is becoming an increasingly important part of crypto enforcement.

Why Is USDT Both Convenient for Illicit Fund Flows and Easy to Freeze?

At first glance, there appears to be a contradiction.

If Tether can freeze USDT, why do illicit networks continue to use it?

The answer lies in utility.

USDT offers several highly convenient characteristics:

USD-denominated

24/7 settlement

cross-border

high liquidity

and on TRON:

low transaction fees + fast transfers.

This has made USDT on TRON a popular settlement rail across many markets.

But USDT does not operate like Bitcoin.

Bitcoin can be simplified as:

Private key → control over BTC.

There is no central Bitcoin company that can blacklist an address and prevent the BTC at that address from functioning.

USDT is different.

Tether is the token issuer.

The USDT smart contract includes administrative functionality that allows addresses to be restricted according to the issuer’s policies.

The process can become:

USDT wallet identified

↓

Address blacklisted

↓

Tokens remain visible in the wallet

but:

can no longer be transferred normally.

Tether has publicly maintained a policy of cooperating with law enforcement for years.

In 2023, the company also expanded its voluntary wallet-freezing policy to addresses listed on the OFAC SDN list.

In April 2026, Tether said it had worked with more than 340 law enforcement agencies across 65 countries, supported more than 2,300 cases, and frozen more than $4.4 billion in assets.

USDT therefore has a distinctive model:

Blockchain transparency

Centralized issuer

Traceable + Freezable money.

From a law-enforcement perspective, this is an extremely powerful tool.

In a cash-based system:

Cash changes hands → extremely difficult to trace.

In the banking system:

Bank transfer → traceable, but dependent on individual banks and jurisdictions.

With a centralized stablecoin:

Public blockchain → the entire transaction history can be observed

and:

Issuer → has the ability to freeze assets.

That combination has no complete equivalent in the traditional financial system.

Tether Is Gradually Becoming Part of Financial Enforcement Infrastructure

The $39.27 million figure is notable, but still relatively small compared with the total amount of USDT Tether has frozen.

Tether told Reuters in February 2026 that the total amount of tokens frozen due to links with illicit activity had reached approximately:

$4.2 billion.

Of that:

$3.5 billion

had been frozen since 2023.

Two months later, Tether said the total had exceeded:

$4.4 billion.

This suggests freezing is no longer a rarely used feature.

It is becoming a routine part of how Tether operates USDT.

For example, in February 2026, the company helped U.S. authorities freeze nearly $61 million connected to a fraud case.

Earlier, an investigation coordinated with OKX and the U.S. Department of Justice led to the freezing of approximately:

225 million USDT

linked to an international network.

Beyond Tether’s direct activities, the company also participates in the T3 Financial Crime Unit alongside TRON and TRM Labs.

By May 2026, T3 said it had frozen more than:

$450 million in illicit assets.

This is creating a new enforcement stack:

TRON

→ transaction settlement.

TRM / MistTrack / Chainalysis / Elliptic

→ blockchain analytics.

Tether

→ issuer-level enforcement.

Law enforcement

→ legal authority.

If an address is accurately identified:

Analytics identifies

↓

Authorities investigate

↓

Issuer freezes

↓

Funds stop moving.

This may be one reason regulators increasingly view stablecoins differently from purely decentralized crypto assets.

There is an issuer.

There is a company.

There are reserves.

And there is an administrative control layer.

For institutional adoption, this may even be an advantage.

A bank or payment company generally does not want to use a settlement asset with absolutely no ability to respond when:

funds are stolen

or:

a sanctioned address receives money.

The ability to freeze assets makes stablecoins more compatible with the compliance expectations of the traditional financial system.

But that same advantage also creates the biggest trade-off.

The More Controlled Stablecoins Become, the More They Resemble “On-Chain Banking”

Crypto was originally built around an important principle:

The person holding the private key controls the asset.

Centralized stablecoins partially change this principle.

Users may hold the private keys to their wallets.

But the issuer still controls the token contract.

That means:

Self-custody wallet ≠ issuer-independent asset.

You may control your own keys.

But the asset inside the wallet can still depend on the issuer’s policies.

This is fundamentally different from Bitcoin.

USDT therefore exists between two worlds:

Crypto-like

self-custody

blockchain settlement

24/7 availability

permissionless wallet creation.

But at the same time:

Bank-like

centralized issuer

compliance

sanctions

blacklisting

law-enforcement cooperation.

This may be why stablecoins have become one of the most important bridges between crypto and traditional finance.

But it also creates three issues that need to be monitored.

The first is false-positive risk.

Blockchain attribution is not always perfect.

A wallet receiving funds from an address associated with illicit activity does not automatically prove that the wallet owner is a criminal.

Tether has previously said that if legitimate wallets are accidentally affected by freezes, the company will work with law enforcement and the owners to resolve the issue.

This shows why due process remains extremely important.

The second is centralization risk.

If a stablecoin becomes important infrastructure for hundreds of millions of people, the ability to:

freeze

blacklist

reissue

becomes significant economic power.

This raises questions:

Who decides whether an address should be frozen?

and:

What appeal mechanisms are available if a user is incorrectly identified?

The third is criminal adaptation.

If USDT becomes increasingly easy to trace and freeze, illicit networks have incentives to move toward:

other assets

other stablecoins

or:

more sophisticated laundering structures.

Enforcement therefore often resembles a continuous race.

One marketplace is shut down.

Another marketplace appears.

One wallet is blacklisted.

Funds move to new infrastructure.

This explains why the shutdown of Huione and Xinbi does not mean the entire scam ecosystem disappears.

Conclusion: The Xinbi Case Shows That Stablecoin “Centralization” Is Both a Weakness and an Advantage

The freezing of approximately 39.27 million USDT across 10 TRON wallets is not a major event when viewed relative to the hundreds of billions of dollars in the broader stablecoin market.

But it is a very clear example of the direction in which stablecoin infrastructure is evolving.

USDT combines two properties that may appear contradictory:

Blockchain settlement

Issuer-level control.

That combination makes USDT fundamentally different from Bitcoin.

Bitcoin was designed to minimize the ability of a central organization to control transactions.

USDT, by contrast, can function as a:

digital dollar settlement layer

while the issuer continues to maintain a compliance layer.

The freeze linked to Xinbi clearly demonstrates this mechanism:

On-chain activity

↓

Blockchain analytics

↓

Wallet attribution

↓

Issuer blacklist

↓

Funds immobilized.

From the perspective of fighting financial crime, this is a major advantage.

Tether can cooperate with law enforcement to prevent assets from continuing to move after a wallet has been identified.

By April 2026, the company said more than $4.4 billion in assets had been frozen through its coordinated enforcement activities.

But from a decentralization perspective, this is also evidence that:

USDT is not censorship-resistant money.

It is a centralized financial instrument running on a public blockchain.

What is notable is that the market does not appear to view this entirely as a disadvantage.

For payments, institutions, and regulated finance, the ability to:

freeze stolen assets

comply with sanctions

cooperate with authorities

may become a requirement rather than a design flaw.

This could make stablecoins increasingly resemble:

on-chain banking infrastructure

rather than:

decentralized money.

The Xinbi story is therefore not only:

“Tether froze $39 million.”

It also reflects a broader change in crypto.

Blockchain was once seen as technology that could move money beyond the control of intermediaries.

Stablecoins are demonstrating another model:

Blockchain can make money easier to move, while at the same time making financial flows easier to observe and easier to control.

And if stablecoins become one of the largest payment rails in the digital economy, the ability to trace + freeze + recover could become one of the most important characteristics helping them gain acceptance within the traditional financial system.

FAQ

Has Tether Confirmed That the 10 Wallets Belong to Xinbi?

No. The connection currently comes from MistTrack’s attribution; Tether has not publicly disclosed the specific reason for this freeze.

How Much USDT Was Frozen?

Approximately 39.27 million USDT across 10 TRON addresses.

Can Tether Freeze USDT in a Private Wallet?

Yes. Tether can blacklist addresses at the token-contract level in cases that fall within its policies and enforcement requirements.

Can Bitcoin Be Frozen in the Same Way?

Not through the same mechanism. Bitcoin does not have a central issuer with the authority to blacklist BTC at the protocol level.

Why Is This Case Important?

Because it shows that centralized stablecoins combine the speed and transparency of blockchain with a compliance and enforcement layer similar to the traditional financial system.

Disclaimer: The information provided here is for informational purposes only and should not be considered financial, investment, legal, or professional advice. Always conduct your own research, consider your financial situation, and, if necessary, consult with a licensed professional before making any decisions.

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